Social commerce startup CityMall cuts 191 jobs despite fundraise in March

Gurugram-headquartered social commerce startup CityMall has laid off 191 employees, said the company in a LinkedIn post. 

“After exploring multiple options, we've realised that there're certain roles within the company which had to be dissolved to align to our evolving business model and the current business environment,” said the company on Sunday evening.

The three-year startup had raised $75 million earlier in March and is backed by investors including Accel, Norwest Venture Partners, Elevation Capital, and General Catalyst.

The company in its post said that it will help the employees to find a job: “We will be providing outplacement assistance to all the employees who will be moving out of the company. Each & every employee affected by this layoff has contributed to building Citymall to what it is today, and this is one of the toughest decisions the company has ever had to make.”

This comes at a time when around 10,000 employees working in startups have lost jobs due to a slowdown in funding as well as unfavourable marco tailwinds. Startups including Meesho, Unacademy, Vedantu, and Lido Learning have cut jobs so far.